business news from across the globe. globe. business today. will break up. the auction for trump media the president's struggling struggling social media company, company, soars as it announces a a $6 billion merger with the fusion fusion developer tae. and bewildered bewildered and frightened. that's that's how british farmers are feeling. feeling. according to a major review review of the industry. apologies apologies for some of the sound issues

issues at the start of this programme, programme, but welcome. hope you you can hear me now. this is business business today i'm ben thompson and and we're going to start here in in the uk because there's an early early christmas present for borrowers borrowers in the country, but not not so great if you're a saver. the the bank of england cut interest interest rates by a quarter of a a percentage point. that leaves the the cost of borrowing at that three three and three quarters of a percent. percent. that's the lowest level level since february of 2023. the the cut was widely expected after after a bigger than expected fall fall in inflation in november. now now all that against the backdrop backdrop of an economy that is still still struggling to grow, the governor governor of the bank of england, england, andrew bailey, said that that rates were still on a gradual gradual path downwards as inflation inflation comes under control, something something he says the recent budget budget really helped. earlier this this year when we had the signs of of this hump up in inflation. i've i've said quite a few times that that one only one of the causes of of that were some decisions taken taken on so-called administered prices, prices, which government tends to to be more involved in now the budget,

budget, i think very helpfully, has has actually gone the other way. way. and that is important. it's it's part of the reason i can be be more confident that inflation inflation is going to come down sooner. sooner. let's talk to jackie bower. bower. he's managing partner at chatham chatham financial here in london. london. jackie, good to have you you with us as always. and look what's what's your read on what we heard heard today because that is what's what's so interesting. it's not necessarily necessarily the number is it. it's it's about the commentary and the the discussion around what happens happens next. yes. and as you said, said, the 25 basis point cut was was widely expected. and the financial financial markets but actually the the vote, which was a54 split with with andrew bailey himself being being the fifth one to vote for that that cut was actually more finely finely balanced than people were were expecting. so the markets have have certainly read into that a little little bit more to say. well, if if there were four members that were were actually voting to hold rates rates at 4%, what does that mean mean for policy next year? now the the market is still pricing in to to further interest rate cuts in in 2026. but really whether that that plays out or not will be whether

whether andrew bailey's forecasts forecasts that inflation will get get back to target by springtime springtime actually comes to fruition. fruition. yeah. and that's the point, point, isn't it? getting back to to lower interest rates but not a a return to some of those record record lows that we saw after the the financial crisis. so it's about about adjusting to a new normal that that will be so determined by the the data. yeah. and we've got to to remember that those super low low interest rates after the financial financial crisis and then revisited revisited them again during covid, covid, i mean, they were always described described as emergency rates. they they by no means interest rates that that you would expect in a normal normal performing, functioning economy. economy. but there is a question question as to what this neutral neutral rate of interest is for the the uk. and any hinted a little about about that in his speech. and that's that's really what the markets are are reading into. when do when will will the bank of england believe believe they've reached that neutral neutral rate? some economists are are predicting below 3% for next next year, but as i say, the market market is only pricing in two more more cuts to get us to around 3.25. 3.25. yes. and what's interesting

interesting in those comments from from andrew bailey, pointing to that that recent budget by the chancellor, chancellor, suggesting that's one one of the reasons that maybe it's it's in a position to cut rates. rates. a slightly perverse though, though, isn't it, because we know know the chancellor was criticised criticised for not really delivering delivering anything that might boost boost growth, but in some respects respects it's good because it means means the cost of borrowing comes comes down. businesses might feel feel more able to invest as their their borrowing gets cheaper. yeah, yeah, i mean some of those what he he called this hump effect that the the uk has seen in inflation and and it's really why the uk is a bit bit of an outlier from a european european perspective. you know, where where inflation is still quite a a bit higher. you know some of those those one off effects that we'll we'll see from the budget. but i i think the reality of it is, you you know, his prediction that inflation inflation will continue to fall is is really against the backdrop of of very weak economic growth. some some of that coming out of the budget. budget. it was not a pro-growth budget. budget. so whilst we can be positive positive and say, well, inflation inflation might reach target, interest interest rates are coming down. that's that's really set against the backdrop

backdrop of rising unemployment. unemployment. and yet a pretty weak weak economy. so you don't get all all the stars aligned at the same same time. unfortunately. no, absolutely. absolutely. isn't that the truth truth jackie, always good to talk talk to you. thanks very much. thank thank you. there at chatham financial financial farmers in the uk are bewildered bewildered and frightened. that is is the rather damning verdict of of a major review of the agricultural agricultural sector. it was conducted conducted for the government by the the former head of the national farmers' farmers' union. in it, it says that that soaring costs, extreme weather weather and government policy are are making it increasingly difficult difficult for farmers to make a living. living. the review calls for a new new deal for those farmers that recognises recognises the true cost of producing producing food and protecting the the environment. let me run you through through some of the headlines from from it, because the agricultural agricultural food chain in the uk, uk, it's worth £150 billion. now now that also supports 4.2 million million jobs in farming and the wider wider food industry. but according according to the government spending spending watchdog, that's the obr obr cost for farmers for things like

like wages, machinery, fuel and fertiliser fertiliser up nearly a third compared compared to five years ago. well, well, farmers have been voicing their their concerns too. these were the the protests in london last month, month, designed to coincide with with budget day. top of the list list of concerns for farmers are are the chancellor's plans to remove remove inheritance tax exemptions exemptions for farms. they say that that will make it impossible for for many to pass on the business business to their children. here's here's david exwood, who's the deputy deputy president of the national national farmers' union. they are are bewildered and frightened and and most importantly, they are getting getting left behind. we need to restore restore farmers confidence. we need need policy stability and certainty. certainty. and i would welcome the the review's analysis that we need need food security and farmers profitability profitability to be a key priority priority for this government. and and the decisions taken at the heart heart of government. farmers are are carrying all the risk and english english farmers in particular are are amongst the most unsupported unsupported and the most heavily

heavily regulated in the western western world. and when you put on on top of that, whether rising costs, costs, all that risk is borne by by farmers in the supply chain. and and that's why we've seen so many many farming businesses close closed. closed. we've seen food supply dropping dropping in this country. farmers farmers are the backbone of britain. britain. but you've got to remember remember it was only a few years years ago where food was not considered considered a public good. now look, look, this government has said food food security is national security. security. i would absolutely agree. agree. but that's got to mean something. something. we've got to see it in in policy decisions. the very latest latest there for the fate of farmers. farmers. we'll keep a close eye on on that as that report really was was a damning indictment of some some of the policies that farmers farmers say they are struggling to to contend with right now. well, well, in the last couple of hours, hours, chancellor rachel reeves has has been speaking to reporters. she she was asked about her move to subject subject farms to inheritance tax tax and reports that some elderly elderly farmers had even considered considered taking their own lives lives before the rule changes in in april, she's defended the plan,

plan, calling it fair. we very much much welcome the report from minette minette batters, the former head head of the national farming union, union, and we will now review that that independent report in full and and respond to it in the new year. year. the changes around inheritance inheritance tax means that if you you are a couple with a far more more than £3 million in value, you you will pay inheritance tax, but but it will be at 20% rather than than the usual rate of 40%, and it it will be repayable over ten years years interest free, which is something something that no other estates are are able to benefit from. i think think that is the fair change because because we are asking people with with those substantial assets to to make a contribution to fund the the public services like our nhs, nhs, that we all rely on. chancellor chancellor finance minister rachel rachel reeves well, to wall street street now, where shares have made made a strong start to the day after after us inflation data for november november came in much lower than than expected. now that has kept

kept alive hopes for further interest interest rate cuts from the federal federal reserve. some, though, have have been warning that the numbers numbers could be distorted by the the government shutdown. that made made getting economic information information pretty challenging. at at the same time, shares in the president's president's social media firm trump trump media have been soaring on on news that it's to merge with a a private company, a nuclear fusion fusion company. now the $6 billion billion all stock deal represents represents a bet by the trump family family on spiralling demand for energy energy all needed to fuel ai data data centres. well, the big boost boost for trump media that's actually actually lost 70% of its value this this year. let's talk through both both of those with michele fleury fleury who's following the events events for us in new york. and michele, michele, good to have you here. let's let's talk first of all about that that inflation data and reigniting reigniting hopes that there could could be further cuts in interest interest rates that will be very very welcome in the us. yeah. you you know, 2.7% annual rate obviously obviously remains above the federal federal reserve's desired inflation inflation rate, which is 2%. that

that being said, though, the trend trend is moving in the right direction. direction. the last time we had data data inflation was closer to 3%. 3%. and so there is a kind of sense sense of optimism, if you like, on on the markets here on wall street, street, in part because this was was actually much better than anyone anyone had forecast. and i think think the takeaway if you like is is on the one hand there are question question marks about whether or not not this is sustainable. but the the fact that you've seen such a a marked improvement is kind of answers answers that question right, which which is what should federal reserve reserve policymakers be focused on on the kind of rising unemployment unemployment rate or should they they be focused on the still high high inflation? and it seems like, like, well, inflation is becoming becoming a bit of a receding issue. issue. michele, while you're here, here, explain that other story for for us because we know that president president trump often gets very energised, energised, doesn't he, on his social social media platform, writing in in all capital letters. but this this is a real energy deal. so the the idea that the owner of trump

trump or trump media and therefore therefore truth social would be getting getting in bed with a nuclear fusion fusion company, just explain this. this. yeah. i mean, i think on the the one hand it is surprising, right? right? you know, this is a company company that is a social media company company and yet it's kind of getting getting together with t a private private firm that specialises in in nuclear fusion. what the deal deal does in an instant is essentially essentially create america's first first public nuclear fusion company. company. and that's significant at at a time when, you know, you and and i are talking pretty much every every other day about the ai boom boom and the transformation happening happening there. that has also led led to conversations about the rapid rapid rise of these data centres centres all around the world, and and the amount of energy that they they need and they consume. there's there's been a lot of concern that that there won't be enough energy energy to kind of meet household household demand and also kind of of power ai. and so this in some some ways is a bet on that. it is is a future technology, though, and and still has a long way to go, but but it allows investors to kind of

of invest in that. yeah, michele, michele, i mean there's already a a lot of questions about not only only why he would want this deal deal to go through, but whether a a there's a conflict of interest interest and b whether actually all all he's after is that stock market market listing. look, i mean, i think, think, you know, there are question question marks. i think sort of there there will be lots of scrutiny of of this deal. but you know, donald donald trump has been very consistent consistent that, you know, his business business is run in a family trust. trust. he's not directly involved. involved. obviously, there are perception perception questions because he is, is, you know, setting the tone for for the industry and has made it it very clear that he kind of is is very supportive of ai and the the potential it has for the us economy. economy. so i suspect you and i will will be talking about this lots more. more. i suspect. so to michele, thank thank you though for now for explaining explaining that for us michele fleury fleury there live in new york. more more on all those stories bbc.com. bbc.com. but right now.

past 48 hours. it doesn't feel like like we're in ceasefire territory territory there. when the story breaks. breaks. bbc news. welcome back to to verified live. let's return to to one of our main stories here in in the uk today. the news that the the secondary schools in england england will have to teach pupils pupils about issues such as consent. consent. sharing intimate images images and healthy relationships. relationships. under the government's government's plans to tackle misogyny. misogyny. well, let's talk live on on the programme to dame nicole jacobs, jacobs, the domestic abuse commissioner commissioner for england and wales wales and thank you so much for your your time here today. what are the the bits of this long awaited strategy strategy that you think actually actually hit the mark? this is part part of the violence against women women and girls strategy by the government. government. it is essentially the the work plan of our government across across all departments and through through all of the strands of what what we mean by violence against against women and girls, domestic